The price is in line with my previous expectations, pulling back towards the broken level. XAUUSD is currently testing the previous daily low. If there is a false breakout of the PDL, it could signal a bullish trend continuation. However, there is still a possibility that the price may drop to a lower level around 2330. I anticipate that the price action will create a small range zone just below the channel border before breaking through. I am looking for the price to test the support level at 2340, and if it bounces back, we can consider a buy confirmation. My target is the resistance zone around 2383.
📊QUICK FUNDAMENTAL LOOK
Gold prices fell on Monday, as investors awaited key U.S. inflation data due later this week, which could shed light on the timing of the Federal Reserve's first rate cut.
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